Method and apparatus for indicating quotations or other items



Feb. 7, 1928. 1,658,516

L. DAlNE METHOD AND APPARATUS FOR INDICATING QUOTATIONS OR OTHER ITEMSFiled Sept. 1'7, 1927 4 Sheets-Sheet 1 STATION STATI ON avweutoz RobertElia/J2me.

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R. L. DAIN E METHOD AND APPARATUS FOR INDICATING QUOTATIONS OR OTHER IETEMS Filed Sept. 17, 1927 4 Sheets-Sheet 2 Snow Wm @51 in?) fitter/napFeb. 7, 1928.

R. L. DAINE METHOD AND APPARATUS FOR INDICATING QUOTATIONS OR OTHERITEMS Filed Sept. 17, 1927 Wm'u Y N 4,

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R. L. DAlNE A METHOD AND APPARATUS FOR INDICATING QUOTATIONS OR OTHERITEMS Filed Sept. 17, 1927 4 SheetsSheet 4 amoemtoz Robert Album/UJUJUJUJEHUJEQ QJ QUJUJEUUJUJUJUJUJUJIII I I MI 1 H] tl l l] [I I] [I H[I l] n a |gyl gl Patented Feb. 7, 1928.

UNITED STATES ROBERT L. DAINE, OF NEW YORK, Y.

METHOD AND APPARATUS INDICATING QUOTATIONS OR OTHER ITEMS.

Application filed September 17, 1927. Serial No. 220,244.

quotations, as of stocks and commodities or other items.

The objects of this invention include the provision of equipment andmethods of the above indicated class, which are dependable, relativelysimple and eflicient, and adapted to a wide variety of operatingconditions.

Various further and more specific objects, features and advantages willclearly appear from the detailed description given below taken inconnection with the accompanying drawings which form a part of thisspecification andillustrate, merely by way of example, one embodiment ofthe invention.

The invention consists in such novel features, arrangements andcombinations as may be shown and described in connection with theapparatus herein" disclosed by way of example only and as illustrativeof a preferred arrangement, together with the novel methods and steps ofthe processes described herein.

In the drawings, Fig. 1 is a schematic view illustrating one arrangementembodying the invention;

Fig. 2 is a perspective view of a receiving station distributing panel;

Fig. 3 is a perspective View showing the rear of a receiving stationindicating board;

Fig. a is a front elevational view showing in part the board of Fig. 3;

Fig. 5 is a typical sectional View taken,

for example, substantially along the lin 55 of Fig. A; g

Figs. 6, 7 and 8, respectively, are elevational, plan and end viewsshowing the details of a typical plug jack as used upon the board ofFig. 3 and 'the distributor panel as of-Fig. 2; and

Figs. 9,10 and 11, respectively, are views partly in sectioncorresponding to Figs. 6, 7 and 8, but showing fa typical portableinterchangeable plug member for use in making interchangeableconnections between the jacks of distributor boards as of Fig. 15 andthe indicating boards as of Fig. 3.

Referring to Fig. 1, the arrangementphases, is particularly adapted tothe transmission of stock and commodity quotations or the like itemsfrom a stock exchange or other centralized source of information to aplurality of brokers oflices or other stations at which it is desired toindicate or post the fluctuating quotations of at least a certainrelatively small group or part of .the large number of items dealt in atan exchange or at various exchanges.

The various stations at which the indications are to be posted may belocated either in the neighborhood of the central station or at widelyseparated or distant points. In the diagram shown a small group of linewires, as at 21, is provided in common for a plurality of receivingstations, such as stations A, B and B, and if desired, cer tain of thestations, such as station C, may be provided with an independent groupof line wires, as at 2:2, running directly to the transmitter 20.

Although a multitude of items may be dealt in on each stock or commodityexchange, it is, of course, desirable that quotations from all suchitems should it possible be transmitted over a relatively small numberof wires, yet withprovision being made fortransmitting all orsubstantially all the prevailing quota-tions in order to make availableto each broker a 'wide range of quotations to choose from.

Also, if desired, according to certain as pects of the invention, morethan one transmitting station may be used with a single groupor'separate groups of line wires to provide, for example, for the sendingof quotations from the various commodity exchanges as well as from thevarious stock exchanges of the country.

The transmitter 20 is' here represented diagrammatically in the form ofa number of manually operable circuit-closing keys, one for each'of thesmall number of line wires. However, it will be appreciated that variousforms of automatic or semi-automatic or other transmitters of impulsesmay be provided at 20, according to general principles already known tothe art. Under some circumstances arrangements such as shown in thepatent to Haight No. 473,174, April 19, 1892, and the other patentsreferred to therein, ma be adapted to such purposes, or, if desiresuitable adaptations or groups of transmitting means such as disclosedin the British patent to Favarger & Cie. No. 192,055, of April 3, 1924,may be utilized. Such transmitters will serve to transmit over arelatively small number of wires, distinctive groups of impulses ofcurrent variations representative of the quotations of the numerouslisted stocks or eonimodities, such impulses causing proper op erationof the selector mechanism as well as the indicator units as is alreadyunderstood. Quotation service in respect to all or substantially all ofthe listed items is thus made available at the various receivingstations or brokers offices, although as hereinafter explained it willnot ordinarily be the practice to utilize at each station the entireservice for all quotations at one time.

The general features of a typical receiving and indicatingequipment, forexample that of stations B and B will now be described. The distinctivegroups of impulses are conducted by the line wires 21 to suitableselector mechanism, as indicated, whereby the impulses representative ofthedifferent stocks are separated and identified and may be appliedrespectively to corresponding circuit terminals, as here somewhatdiagrammatically indicated on a distributor board 23. The distributorboard preferably includes a great number of terminals, for example inthe form of jacks, one terminal or jack or group thereof being providedfor each of the numerous listed items for which provision is made at thetransmitter and in the selector mechanism. Provision is made in theselector mechanism for separating the various groups of impulses wherebythe same are identified by way of being conducted to the proper terminalor jack on the distributor board. Such selector mechanism may beconstructed in various ways, according to principles known in the art,or, if desired, may comprise an adaptation of the systems shown in thepatent to Haight above referred to, or the mechanism and systemsdescribed in the British patent above mentioned. If desired, theapparatus disclosed in said British patent may more readily be used inthe quotation of a multitude of stocks, etc., by

incorporating therewith various features shown in other patents asfollows:

British patent to Favarger & Cie, No. 224,872, April 9, 1925.

Swiss patent to Favarger & Gie, No. 113,- 067, January 2, 1926.

Swiss patent to Favarger & Cie, No. 113,- 465, January 16, 1926.

Although it is desirable to provide quotation or indicating service atthe numerous receiving stations or brokers offices which makes provisionfor substantially all of a multitude of listed items, yet many of suchitems will notbe of sufficient interest at most of these stations tojustify the space and expense necessary for a corresponding number ofposting devices or indicators. In fact,

each broker will ordinarily choose to post quotations of only arelatively small number of stocks or commodities. For example, with theNew York Stock Exchange, taking into consideration reasonable growth infuture years, provision should now be made at the transmitting mechanismfor transmitting the quotations of a number of stocks or items in theneighborhood of 1200. It is the custom to post the opening, high, lowand closing quotations of each stock, and each figure quoted maycomprise as many as three digits and a fraction value, so that theequivalent of sixteen digit or unit indicators must be provided for eachof 1200 items. This would make necessary a quite prohibitive number ofindicating units at each of the brokers offices if an attempt were madeto post all listed stock quotations at all offices. The expense as wellas the space necessary in the brokers office for such a number ofindicators, when made with dial figures of appropriate size, would begreater than is commercially feasible. In view of this difficulty, theprovision of brokers stock indicating boards giving the necessary rangeof flexibility of service and automatically actuated either from acentral point or otherwise, has not heretofore been possible ofaccomplishment.

Yet each broker and his group of customers are generally particularlyinterested in only a relatively limited number of stocks or items. Forexample, a typical manually attended brokers board has provision forposting the quotations for a maximum of approximately 100 stocks, andalthough some of the particular stocks or items chosen for posting arevaried from time to time, the maximum number chosen generally remainsbelow a predetermined limit. Also, various stocks or other items aregenerally arranged differently upon the brokers boards of variousdifferent offices, either according to groups such as Industrials, Railsand Public Utilities, or according to the desired prominence of certainstocks of particular interest to the broker. It is therefore alsodesirable to make provision for rear rangements of the various groups orseparate stocks or items on the board from time to time, and in factchanges in stock market listings may render such rearrangementssubstantially necessary. for practical installations, and this has,therefore, added a further difficulty to the automatic operation ofbrokers boards, since the necessarily complex wiring or operating meansdoes not lend itself to such flexibility, in the absence of some specialprovision to that end.

According to my invention, I have obviated the above difficulties byproviding a number of like or similar indicating devices at each brokersoffice, capable of indicating interchangeably numerous of the items andsubstantially corresponding in number -to the desired chosen number ofstocks to be indicated at that office, and

have made provision whereby each of. such indicator units may beinterchangeably connected with the terminal jacks of the circuitscorresponding to thevarious groups of quotation impulses identified onthe receiving station terminal board. Such arrange ment providessubstantially universal flexibility as to which stocks are .chosen forposting and as to the arrangement of the quotations for the variousstocks on the brokers board. Different lists of stocks or other itemsmaythus be independently chosen at the different stations to suit varyingrequirements. According to the diagram shown in Fig. 1, station 3, forexample, is provided with an indicating board 242 (shown only in part)having a relatively limited number of indicating devices providing for,say 100 stocks, any of which may be connected by interchangeableflexible lead wires, as at 25, with any one of the jacks on thedistributor board 23, quick-detachable plugs being provided at each endof the flexible lead wires, as will be hereafter further described indetail. If two or more receiving stations or brokers oflices are locatedwithin the same or adjacent buildings, the necessity for duplicatingcertain parts of the apparatus such as the selector mechanism anddistributor board may be obviated, as for example is the case withstations B and B, as indicated. In that event two or more oflices,

such as stations B and B, may be provided with service from a singleterminal board 23, and double or multiple jacks may be used asindicated, providing for the insertion of'plu'gs from each receivingstation into the jacks corresponding to all items provided for on theterminal board.

WVith the arrangement as above described, the proprietor ofeac-h.stati0n may, on a moments notice, change either the arrange mentofhis indicating board or the particular stocks shown thereon, and he maychoose and indicate any of the stocks for which permanent orsemi-permanent provision is made at the transmitter andselectingmechanism- The necessary flexibility of service and arrangements for apractical automatic brokers indicating board is thus provided in arelatively simple manner.

The particular forms'of plugs and jacks illustrated in Figs. 6 to 11inclusive which may be utilized with the distributor boards 23, andindicating boards will now be described in further detail. In theschematic diagram of Fig. 1, each of such jacks which may comprise atotal of 52 separate contacts is indicated for simplicity merely as asingle small circle. In the distributor board for stations B and 13',small pairs of circles aroused to indicate pairs of such plug jacksproviding for the two stations. The 52 contacts on each jack provide thenecessary circuit terminals for indicating devices of one stock or otheritem, since, as above indicated,'16 indicator units are provided foreach stock, and it is also desirable to provide two circuit Wires and areturn wire to each indicator, or a total of three terminals perindicator unit. With such provision, one circuit to the indicator may beused for the normal operation thereof, while the other circuit may beused to restore the indicator to a certain predetermined or zeroposition. Thus, 16 indicating units multiplied by 3 terminals per unitmakes necessary 48 terminals per stock, and extra terminals are providedas spares, making a total of 52 terminals for the plug and jack of eachstock.

The jack terminals are indicated in the figures by the numeral 26, andmay comprise cooperating pairs of resilient spring contacts adapted toembrace plug blade contacts, as at 27, provided on the plug members (seeFigs. 9, 1'0 and 11). The contacts 26 may be embedded or otherwiseretained within a suitable block of insulating material, as at 28,supported for example upon a member 29 forming a part of the frame workof the brokers board. The upper edge of the block of insulation 28, ifdesired, may be secured by brace members, as at 30 and 31. In order thatthe terminals may be brought into proper alignment with the plugterminals and retained in such alignment, a number of spaced plugmembers or dowel pins (for example, 3 in number), as at 32, may be fixedwithin the block of insulation 28 and adapted to be received withincorrespondingly spaced apertures 33 formed in the plug member.

The above described jack members may be mounted in side-by-siderelationship upon the brokers distributing boards as shown on the boardsection of Fig. 2 and, if desired, each may be marked with anappropriate legend indicating the stock or other item With which it isidentified. One

method of mounting the jacks on the indi 26. A suitable sheet metalhousing 35 may be provided to receive the insulating member 34 as wellas to enclose the connections within the plug. The cable may be embracedat its end by suitable retaining rings, as at 36, at the point where thecable passes into the housing 35. It is apparent that the phases of theinvention, permanent fixed connections to the flexible lead wires may bemade at the indicator boards, detachable plugs being used only at thedistributor boards. v In either case, a durable, quickdetachable andinterchangeable arrangement of indicators, plugs and jacks may bereadily provided for the accomplishment of the above described purposes.

Referring again to Fig. 2, the distributor board terminal jacks may beconveniently arranged, as shown, in groups with 600 jacks in each grouparranged along one side of framework as at 37.

The flexible lead wires or cables may be assembled at a point near thedistributor board into a group as at 39, this group of cables extendingthrough suitable conduits if desired to another room in the buildingwhere the indicator board is to be located. \Vith such arrangement, theselecting devices or mechanism may be conveniently lo- "cated at a pointwhere space is less valuable than in the brokers board room and wherebyannoyance due to any noise or other disturbance arising from theselector mechanism may be eliminated.

Referring in further detail to Figs. 3, 4

and 5, the group of lead wires 39 are shown as brought to a positionadjacent the indicator board such that the plug terminals upon thecables may be inserted in the jacks of any part of the board. Asindicated in Fig. 4 (partly broken away), the board may be divided intosections as at 40, each having indicators for posting quotations of, say10 stocks. To provide a board with capacity for 100 stocks, two tiers ofsuch sections with 5 sections in each tier may be arranged, as indicatedin Fig. 3. The manner in which the jacks may be mounted within suchsections is indicated in Fig. 5. The sections may be divided by verticalpartitions along the lines 41 separating the indicator mechanism foreach stock. The compartments thus formed for each stock may besubdivided to form a compartment 42 for receiving the jack. The end wallor front of this compartment may provide space as at 43 for exhibitingnumber cards showing the market prices for the previous day in the usualmanner and also including the legend showing which stock is beingindicated by the mechanism of such compartment. The lower portion of thecompartment for each stock may be subdivided into compartments as at 44,45, 46 and 47, each containing the group of four indicator units ordrums utilized in quoting either an opening, high, low

or last quotation, as the case may be. One form of indicator unit withwhich this invention may be utilized is described in further detail inthe aboveanentioned British Patent No. 192,055.

At the initial installation of an automatic brokers board in accordancewith this invention, the proprietor may apply to the groups ofindicators in the more prominent locations on the board the variousindicia or abbreviations for such stock quotations as he desires to havemost prominently displayed. The flexible cables from such groups ofindicators are, of course, then connected to circuit terminals orequivalent electrical devices on the distributor board bearingcorresponding indicia. Indicators for stocks of lesser prominence may beplaced at 001- respondingly lessconspicuous sections of the-board, butare preferably provided with similar indicia and connecting means. Then,from time to time, as certain stocks become inactive or perhaps other ornew stocks assume greater prominence or greater interest to a particularbrokers clientele, rearrangements of and changes to the board must bemade. However, it is practically impossible to initially determine whichstock indicators must later be subject to changes, and, therefore, toprovide the desired flexibility, as is done according to the abovearrangement, provision should be made, at least with many of theindicators, for interchanging the indicators and flexible connections ofone stock with those of other stocks. Thereby each broker is enabled tonot only alter from time to time, the arrangement of the stockquotations on his indicatingboard at will and independently of the otherbrokers who are supplied with the same service, but he may alsodiscontinue the posting of certain stocks and quickly add others withoutdisturbing the operation of other indicators or the system as a whole.To make such a change, the broker first decides which stock he is todiscard from his chosen list, and then he need only remove thecorresponding quick-detachable distributor board plug and place suchplug in the distributor board jack corresponding to the new stock whichhe desires to indicate. Although each of the groups of indicators for aparticular stock may be independently operative over numerous connectionwires, the whole group may thus be quickly changed to indicate a new ordifferent stock without possibility ofimproper connections or theconfusion of the connections of one group with those of another. Attimes, in order to facilitate changes or rearrangements on the brokersboard, the connections may be interchanged by changing the plugs andjacks at the indicator board instead of at the distributor board,although the in- Vention in many of its aspects is not thus or groups ofindicators changed, is of course altered to correspond to the newarrangement.

As above set forth, provision may be made at the central station torestore to a zero position each indicator before each new quotation isset up. Therefore, after changes are made in the indicator arrangement,no synchronizing difficulties will be encountered, since theinterchanged indicators will be reset to zero upon reactuation.

It will be noted that a sufficient number of plug and jack contacts areprovided to permit interchangeability of both branches or wires of eachcircuit to each indicator. Accordingly, complete interchangeabilit ofindicators is made possible even Where 0th branches of each operatingcircuit contain complementary selective means, as in the above-mentionedBritish patent and the patent to Haight No. 473,174,-although of course,according to some aspects of the invention, such a number of contacts isnot necessary.

While the invention has been described in detail with respect to aparticular preferred example'thereof which gives satisfactory results,it will be'understood by those skilled in the art after understandingthe invention, that various changes and modifications may be madewithout departing from the spirit and scope of the invention and it isintended therefore in the appended claims to cover all such changes andmodifications.

What is 'claime'd'as new and desired to be secured by Letters Patent ofthe United States is:

1. Apparatus for transmitting and indicating fluctuating market pricescomprising a distributor board having a multitude of electrical circuitterminals, said terminals being provided for each of a great pluralityof items quoted in a market or markets, means at least in part commontoall of said terminals for transmitting electrical impulses to circuitscontrolled through said terminals, said impulses being representative ofthe fluctuating prices of the items corresponding to said terminals, anindicator board separate from the. said distributor board comprising acomparatively limited number of electrically operated indicators forshowing the prices of particular desired items, and electricalconnecting means between said boards -Whereby said indicators may beseverally, operatively and interchangeably controlled at will throughvarious terminals corresponding to such items as are of currentinterest.

2. Apparatus for transmitting and indieating at a plurality of brokersofiices fluctuating market prices comprising a multitude of electricalcircuit terminals, said terminals being provided at each ofiice for eachof a-gr eat plurality of items quoted in a market or markets, meanscommon to the plurality of ofiices for transmitting electrical impulsesto circuits under the control of said terminals, said impulses beingrepresentative of the fluctuating prices of the items correspondingrespectively to said terminals, a comparatively limited number ofelectrically operated indicators at each ofiice for showing the pricesof. those particular items desired at each office, and connecting meansat severally, operatively and interchangeably controlled to exhibit suchitem quotations as are of current interest at each respective ofiice andindependently of ,whatever item quotations are being reproduced by theindicators of other ofiices.

3. In asystem for transmitting and indieating fluctuating market pricesof a large number of items comprising a transmitting station and aplurality of receiving statrons; apparatus at each receiving stationcomprising a large number of electrical devices, one for each item,means at the trans mitting station associated in common with saidplurality of receiving stations for variably energizing said devices inaccordance with the price of the corresponding item's, a smaller numberof electrically operated indicators for showing the prices of a limitednumber of items, and means whereby said indicators severally andinterchangeably, may be made responsive to the energization of saiddevices.

4. In a system for transmitting and indicating fluctuating market pricesof a large number of items comprising a transmitting station and aplurality of receiving stations; apparatus at each receiving stationcomprising a distributor having a large number of electrical devices,one for each item, said devices being severally energizable upon transmission of quotations of corresponding items, an indicator boardcomprising a smaller number of electrically operated indicators forshowing the prices of a limited number of items, and quick-detachableconnection members each alternately adapted to electrically controlcertain of said indicators through various of said devices whereby saidindicators severally and interchangeably may be made responsive to theenergization of said devices.

5. Apparatus'for transmitting from a central point and indicating at aplurality of stations, varying quotations of a multitude of items,comprising transmitting means for initiating distinctive groups ofimpulses respectively representative of quotations of the items, aplurality of circuit connections being provided for each of said itemsand aseach oflice whereby the indicators may be ranged in a plurality ofgroups at each station, one indicator group being provided to give theprevailing quotation of each of a limited number of such items which areof special interest at each station, such indicator groups respectivelyhaving means adapted to be actuated in response to said impulse groups,and detachable means for controlling each of said limited number ofindicator groups alternatively by said circuit connections of variousdifferent items and for maintaining such control while quotations aresent to the corresponding indicator groups, one of said detachable meansbeing provided for each of said indicator groups, whereby the indicatorsmay be readily associated in groups with the transmitting means so as toalternatively indicate quotations of any One of a plurality of items asdesired.

6. Apparatus for transmitting varying quotations from a central pointand indicating the same at a plurality of stations, comprisingtransmitting means common to said plurality of stations and havingpermanent provisions for transmitting distinctive impulse sequencesrepresentative of the quota tions of a multitude of items, each stationhaving means for receiving and identifying such distinctive impulses,indicators arranged in groups for a relatively limited number of chosenitems at each station, similar groups being provided respectively foreach chosenitem, and manually operable means at each station forinterchangeably connecting respectively said indicator groups to saidreceiving and identifying means whereby substantially any chosen limitednumber-of items provided for by said identifying means may be includedwithin the limited number of chosen items to be indicated at eachstation.

7. Apparatus for transmitting and posting at a plurality of brokersoifices fluctuating market prices of stocks or other items, comprisingtransmitting means common to said plurality of offices and havingsubstantially permanent provisions for transmitting distinctive currentvariation sequences representative of the quotations of a multitude ofitems, each station having means for receiving and identifying suchdistinctive impulses, a plurality of groups of indicators for postingthe quotations of a relatively limited number of chosen items at eachstation, each such group having provision for indicating a plurality ofquotations pertaining to one item such as open, high, low or lastprices, and a plurality of independently interchangeable connectingmeans at each station each individual to one of said groups for bringingand maintaining at one time various of said groups of indicators inoperative relationship with said receiving and identifying means.

8. In a system for transmitting and indiease is eating fluctuatingmarket prices of a large number of items comprising at transmittingstation and a plurality of receiving stations; apparatus at eachreceiving station comprising a large number of electrical devices, atleast one for each item, means at the transmitting station associated incommon with said plurality of receiving stations for energizing saiddevices respectively upon trans mission of quotations of thecorresponding items, a smaller number of electrically operatedindicators for showing the prices of a limited number of chosen items,and means whereby said devices corresponding to each one of said itemsmay be alternatively connected to control more than one indicator,whereby numerous arrangements of item quotations may be had and theitems chosen for posting by the small number of inclicators may bevaried at any station without disturbing other stations.

9. In asystem for transmitting and in dicating fluctuating market pricesof a large number of items comprising a transmitting station and aplurality of receiving stations; apparatus at each receiving stationcomprising a large number of electrical devices, one for each item,means at the transmitting station associated in common with saidplurality of receiving stations for energizing said devices respectivelyupon transmission of quotations of the corresponding items, a smallernumber of electrically operated indicators for showing the prices of alimited number of items, and means including flexible multi-wire cableswith detachable connections whereby said devices corresponding to eachone of said items may be alternatively connected to control more thanone i11- dicator.

10. In a system for transmitting and indicating fluctuating marketprices of a, large number of items comprising a transmitting station anda plurality of receiving stations; apparatus at each receiving stationcomprising a large number of electrical devices, at least one for eachitem, means at the transmitting station associated in common with saidplurality of receiving stations for energizing said devices respectivelyupon transmission of quotations of the corresponding items, a smallernumber of electrically operated indicators for showing the prices of alimited number of items, said indicators being arranged to form anindicating board with a plurality of tiers of indicators in side-by-sidearrangement, and manually interchangeable means whereby indicators atvarious parts of the board may be interchangeably controlled from saiddevices upon occurrence of changes of various different items,permitting'quotations of items of greatest prevailing interest to beconspicuously posted and classified on the board as desired.

11. In a system for transmitting and indicating fluctuating marketprices of a large number of items comprising a transmitting station anda plurality of receiving stations; apparatus at each receiving stationcomprising a distributor board having a large number of electricaldevices, at least one for each item, means at the transmitting stationassociated in common with said plurality of receiving stations forenergizing said devices respectively upon transmission of quotations ofthe corresponding items, an indicator board separate from saiddistributor'board and comprising a smaller number of electricallyoperated indicators for showing the prices of a limited number of items,said indicating board being arranged with a plurality of tiers ofindicators in side-by-side arrangement, and detachable means wherebysaid devices corresponding to each one of said items may bealternatively connected to control more than one of said indicators.

12. Apparatusfor transmitting from a central point and indicating at aplurality of stations, varying quotations of a multitude of items,comprising flransmitting means for initiating distinctive groups oiimpulses respectively representative of quotations of the items, aplurality of circuit connections being provided for each of said itemsand associated with said transmitting means, a relatively limited numberof independently operative indicators arranged in a plurality of groupsat eachstation, one indicator group being provided to give theprevailing quotation of each of a limited number of such items which areof special interest at each station, such indicator groups respectivelyhaving means to be actuated in response to said impulse groups, anddetachable means for connecting each of said limited number of indicatorgroups a] ternatively to said circuit connections of various differentitems, one of said detachable means being provided for each of saidindicator groups and each of said detachable means having a suflicientnumber of contacts to provide for the lurality' of circuit connectionsnecessary or one indicator group, whereby the indicators may be readilyassociated by groups with the transmitting means so as to alternativelyindicate quotations of various pluralities ot items as desired.

13, In a system for transmitting and in dicating fluctuating marketprices of a large number of stocks or like items comprising atransmitting'station and a plurality of receiving stations; apparatus ateach receiving station comprising a distributor having a largenumber ofelectrical devices, at least one for each item and bearing substantiallypermanent indicia representing such item,

means at said transmitting station associated in common with saidplurality of receiving stations for energizing said devices respectivelyupon transmission of quotations of the corresponding items, an indicatorboard comprising a smaller number of like or similar electricallyoperated indicators capable of showing interchangeably the prices of alimited number of items, and quick-detachable connection members eachalternatively adapted for association with various difl'erent indicatorsand said devices whereby said indicators severally and interchangeablymay be made responsive to the energizat-ion of said devices.

14. The method of posting or indicating market quotations at a pluralityof ofiices which comprises transmitting distinctive current variationsrepresentative of quotations of a large number of-stocks or like itemsover an electrical path which is at least in part common to theplurality of olfices, identifying said current variations at the variousoflices according to the stocks.

represented thereby, and applying any of said identified currentvariations to a relatively smaller number of indicators interchangeably,the identified current variations being thus alternatively applicable tomore than one indicator, whereby numerous arrangements of stockquotatlons may be had and the stocks chosen for posting by the smallnumber of indicators may be varied.

'15. Apparatus for transmitting a multitude of varying stock or otheritem quot-ations from 'a transmitting station and posting the same at aplurality of receiving sta tions, comprising transmitting means commonto said plurality of receiving stations and having substantiallypermanent provisions for transmitting distinctive current variationsrepresentative of the quotations of the large) number of stocks, eachreceiving/station having means for receiving and identifying saiddistinctive current varialions according to the stocks representedthereby, a relatively smaller number of like or similar electricallyoperated indicators capable of indicating interchangeably nu merousitems at each receiving station, said indicators being arranged to forman indicating board with a plurality of tiers of indicators in side byside arrangement, and a plurality of flexible cables capable ofextending respectively from said receivingand identifying meansalternately to various parts of the board for controlling theindicators, permitting the quotations of stocks of the greatestprevailing interest to be conspicuously posted in a relatively smallspace and classified on theboard as desired.

In testimony whereof I have signed my name to this specification.

ROBERT L. DAINE.

\ tCERllFlCATE OF CORREGTION.

Patent No. 1,658,516. Granted February 7, 1928, m

ROBERT L. DAlNE.

it is hereby certified that error appears in the printed specificationof the above numbered patent requiring correction as follows: Page 2,line 4, for the word "of" second occurrence read "or", and line 43, forthe word "patent" read "patents"; page 5,- line 115, claim 4, for theword "alternately" read "alternatively"; page 6, line 126, claim 10,before the word "changes" insert the Word "price; page 7, line 119,claim 15, for the word "alternately" read "alternatively"; and that thesaid Letters Patent should be read with these corrections therein thatthe same may conform to the record of the case in the Patent ()lfice.

Signed and'sealed this 6th day of March, A. D. 1928.

, V M. .11. Moore,

Seal. Acting Commissioner of Patents.

Patent No. 1,658,516.

CERTIMCATE ill? EQRRECTWN.

Granted February 7, 1928, te

ROBERT L. DAENE.

It is hereby certified that error epeeere iii the printed specification0f the above numbered patent requiring eerreetiee tie fellows: Page 2,line 4, for the word "et second eeeurrenee feed "er", emit line 43, forthe word "patent" read "patents"; page 5, line 115, eiaire e, ter theword "alternately read "alternatively"; page 6, line 12%, eieire fill,before the word "changes" insert the word "price; page 7, line 119,elaim t5, tor the Word "alternately" read "alternatively"; and that theseiel Letters Patent sheuld he read with these corrections therein thatthe same may eeelerm to the record (it the case in the Patent ()tiiee.

Signed and sealed this 6th day 0t Mereh A, Do 1928.

M. .l. Moore, Seal. Acting Gemmissieeer 0i Patents.

